Conversion of Loan Notes & Issue of Equity

29th May 2015

CloudTag (CTAG:LN), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to announce that, pursuant to the Company’s announcements dated 4 and 15 December 2014, the Company has converted £850,000 (of the £900,000) unsecured convertible loan notes into 34,000,000 new ordinary shares (“Conversion Shares”). This conversion is in line with the Company’s strategy to remove existing debt from its books in order to facilitate future sources of new funding, including but not limited to trade finance arrangements, that the Company may wish to consider as the product launch date in January 2016 approaches. The conversion will be completed prior to the date by which any interest would become payable on the loan notes save for the outstanding £50,000, which cannot currently be converted.

The Company has also issued 1,869,918 new ordinary shares in settlement of fees (“Fee Shares”), comprising:

– 441,667 new ordinary shares at an average price of 3 pence per share in settlement of director’s fees due to Amit Ben-Haim under the terms of his employment contract. Following the issue of shares, Mr Ben-Haim is beneficially interested in 7,655,165 ordinary shares, representing 3.8 per cent. of the Company’s enlarged issued share capital; and

– 1,428,251 new ordinary shares at a price of 3 pence per share in settlement of fees due to a third party.

The Conversion Shares and the Fee Shares represent approximately 21.5 per cent. of the Company’s existing issued share capital, which comprises 166,732,667 ordinary shares, and will rank equally in all respects with the Company’s existing ordinary shares.

Application for admission of 35,869,918 new ordinary shares, being the Conversion Shares and the Fee Shares, to trading on AIM has been made and is expected to occur on or around 2 June 2015.

Following the issue of the Conversion Shares and the Fee Shares, the total number of ordinary shares in issue is 202,602,585. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

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